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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: Katherine Derbyshire who wrote (6059)	6/28/1998 5:36:00 PM
From: michael c. dodge	Read Replies (2) \| Respond to of 10921

This is an interesting discussion. Thanks. I think we should remember that $500B of "bad" or defaulted debt does not mean $500B of losses. All of that debt is not unsecured, and some of the collateral has some value. $500B (or some portion thereof) raised, absorbed, or liquidated over five years, does not have the same liquidity impact as $500B at one time. I think many people on this thread have already lived through this once. Incidentally, there was an excellent, prescient article in the Harvard Business Review in about third quarter 1990, that laid the present scenario out.